The Tax Cuts and Jobs Act (TCJA) created a new 20% deduction for pass-through entities. Though the IRS has not fully interpreted the new rules—which won’t go into effect until the 2019 tax season—many of the implications are clear. Many are not.

The passage of the Tax Cuts and Jobs Act (TCJA) brought renewed focus upon pass-through entities (PTEs). In spite of their widespread popularity, PTEs are commonly misunderstood. While thought of primarily as small businesses with few employees that generate a fraction of overall business profits, the truth about PTEs tells a very different story.

The IRS lets you deduct some of the costs of using a personal vehicle for business purposes. Just like you can deduct the cost of business expenses such as marketing, you can also deduct your business mileage. But make sure you’re following the rules or else you may face that dreaded IRS audit.

For many entrepreneurs, travel and entertainment (T&E) tax deductions can be a minefield. Certain expenses for business travel are deductible as long as they meet two criteria: They must be “ordinary and necessary” in the course of doing business, and they must be documented.